In its first internet banking foray, M.Y. Safra Bank (MYSB) introduced its Online Promo CDs in March 2017. In the past 16 months, the Online Promo CD APYs have continued to rise, with the 12-month seeing the most rate increases (21) and the greatest gain (115 bps). The most recent rate increase occurred yesterday when MYSB added five bps to the 12-month Online Promo CD (2.51% APY). A minimum of $5k of new money is required to open any of the Online Promo CDs.
While MYSB also raised the rate of the 60-month Online Promo CD (3.11% APY) and added a new 72-month Online Promo CD (3.15% APY) this week, the 12-month is clearly the most competitive of the Online Promo CDs.
As stated in the Truth-In-Savings Disclosure (page 24), the Early Withdrawal Penalty (EWP) reads as follows:
The penalty will be an amount equal to the greater of credited or 90 days interest.
M.Y. Safra Bank’s online application includes this statement,
If funding your new accounts by electronic transfer from another financial
institution, please have ready their routing number and your account number.
Based on that statement, I thought that funds from a maturing CD might be distributed in the same manner. I was wrong. According to CSR, the Bank’s standard practice is to issue a check upon maturity, but the funds could be sent by wire for a $20 fee.
In the course of our conversation, CSR also mentioned that Social Security numbers are required when naming any beneficiaries.
Headquartered in New York City, M.Y. Safra Bank came into being when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.
MYSB's sole full-service branch is located in Manhattan on Park Avenue at 59th Street.
M.Y. Safra Bank, has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.12% (excellent), based on March 31, 2018 data. In the past year, MYSB has increased its total non-brokered deposits by $121.2 million, an excellent annual growth rate of 72.57%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.
How the Online Promo CD Special Compares
When compared to the 209 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and require a minimum deposit of $10k or less, M.Y. Safra Bank’s 12-Month Online Promo CD APY currently shares the top spot with Colorado Federal Savings Bank’s 12-month CD APY.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.51% APY||12-Month Online Promo CD||M.Y. Safra Bank|
|2.50% APY||12-Month PurelyCD||BankPurely|
|2.47% APY||12-Month CD||State Bank of India|
The above rates are accurate as of 7/21/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.